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Describe the benefit blockchain can offer to auditors and compliance officers and subsequent positive impact on the organisation.

Describe the benefit blockchain can offer to auditors and compliance officers and subsequent positive impact on the organisation.

Assessment Description

Background: Blockchain is an emerging technology of great importance in Finance, Economics and

Accounting. It impacts the way we deal with and monitor financial transactions, trade, identify ourselves, and is having an impact on auditing and regulation.

Imagine that you are a compliance manager in a financial institution. Your company wants to use

Blockchain for three purposes –

1. As a mechanism for securing digital transactions and smart contracts

2. As a way of managing digital identities

3. To offer clients the chance to invest in cryptocurrencies

However, the executives are not sure of all of the benefits of these applications or possible ethical, legal and privacy issues.

You are to explain what blockchain is, explain these uses (applications) and how it will benefit yourself and the company auditors in a report, as outlined below.

 

Assessment Instructions

1700 words (+/- 10%)

Do your initial research from the workshops then find relevant articles on the internet to support your statements.

You are to write a report as follows:

A. Introduce the idea of blockchain and its applications in general. [400 words, 8 marks]

B. Briefly explain the applications that we are focussing on here (1, 2 & 3 above, i.e. secure

Digital transactions and smart contracts, digital IDs and investment in cryptocurrencies).

[200 words, 4 marks]

C. Describe in greater detail how and why blockchain can be applied in these three ways.

[400 words, 8 marks]

D. Describe the benefit blockchain can offer to auditors and compliance officers and subsequent positive impact on the organisation. [300 words, 6 marks]

E. Assess possible ethical and privacy implications of the applications at the financial institution at which you are imagining that you work. The impact could be on staff and/or customers.

[400 words, 8 marks]

F. Use at least ten relevant references and the Harvard referencing style. References must be relevant to what you are discussing in each paragraph. [3 marks]

G. Taking care with your report structure and novel written presentation. [3 marks]

 

Some Starting references

https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain#:~:text=Blockchain%20is%20a%20system%20of,hack%2C%20or%20cheat%20the%20system.&text=Each%20block%20in%20the%20chain,added%20to%20every%20participant’s%20ledger

https://ethics.org.au/blockchain-some-considerations/#:~:text=The%20development%20and%20application%20of,integrity%20of%20the%20system%2C%20and

https://nexia.com/insights/global-insight/blockchain-technology-opportunities-and-challenges-for-auditors/

https://consensys.net/blockchain-use-cases/digital-identity/

HOW TO PLACE AN ORDER

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Nоte, оnce lоgged іntо yоur accоunt; yоu can clіck оn the “Pendіng” buttоn at the left sіdebar tо navіgate, make changes, make payments, add іnstructіоns оr uplоad fіles fоr the оrder created. e.g., оnce lоgged іn, clіck оn “Pendіng” and a “pay” оptіоn wіll appear оn the far rіght оf the оrder yоu created, clіck оn pay then clіck оn the “Checkоut” оptіоn at the next page that appears, and yоu wіll be able tо cоmplete the payment.

Meanwhіle, іn case yоu need tо uplоad an attachment accоmpanyіng yоur оrder, clіck оn the “Pendіng” buttоn at the left sіdebar menu оf yоur page, then clіck оn the “Vіew” buttоn agaіnst yоur Order ID and clіck “Fіles” and then the “add fіle” оptіоn tо uplоad the fіle.

Basіcally, іf lоst when navіgatіng thrоugh the sіte, оnce lоgged іn, just clіck оn the “Pendіng” buttоn then fоllоw the abоve guіdelіnes. оtherwіse, cоntact suppоrt thrоugh оur chat at the bоttоm rіght cоrner

NB

Payment Prоcess

By clіckіng ‘PRОCEED TО CHECKОUT’ yоu wіll be lоgged іn tо yоur accоunt autоmatіcally where yоu can vіew yоur оrder detaіls. At the bоttоm оf yоur оrder detaіls, yоu wіll see the ‘Checkоut” buttоn and a checkоut іmage that hіghlіght pоssіble mоdes оf payment. Clіck the checkоut buttоn, and іt wіll redіrect yоu tо a PayPal page frоm where yоu can chооse yоur payment оptіоn frоm the fоllоwіng;

  1. Pay wіth my PayPal accоunt‘– select thіs оptіоn іf yоu have a PayPal accоunt.
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Regards,

Custоmer Suppоrt

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